'The Institute for Fiscal Studies, a non-partisan research group, said the leaked Treasury projections imply departmental spending falling by 2.9 percent a year between 2011 and 2014, the sharpest squeeze since James Callaghan’s Labour government was negotiating its budget plans with the IMF in 1976. ' (WSJ).
It does cross the mind that negotiations with the IMF may have been underway for some time and are the real reason - not the expectation of a sane government taking over in the next year - that there has not been an even worse collapse in the pound and a devastating loss in the UK's credit rating.
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It's either that, or else Mandelbum has already agreed that we'll join the Euro once parity is "achieved".
I think the second possibility marginally more likely.
The second would explain all the current push at 'conferences' to ease entry terms and conditions, WY.
The UK couldn't begin to meet current regulations for Euro entry - euro/sterling parity is irrelevant for joining.
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